Title Benefit. The term “Title Benefit” means any right, circumstance or condition that operates (i) to increase Seller’s Net Revenue Interest in any Well or Lease above that set forth in Exhibit A, Schedule 1 or Exhibit A, Schedule 2 for such Well or Lease, as applicable, and in the case of a Well, without causing a greater than proportionate increase in Seller’s Working Interest for such Well or (ii) to increase the number of net mineral acres attributable to any Lease above that set forth in Exhibit A, Schedule 1.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates to (i) increase the Net Revenue Interest being assigned to the Company in any Lease or Well above that shown for such Lease or Well in Exhibit C-1 and C-2 and Exhibit D-1 and D-2 to the extent the same does not cause a greater than proportionate increase in the Working Interest being assigned to the Company above that shown in Exhibit C-1 and C-2 and Exhibit D-1 and D-2, or (ii) increase the Net Acres being assigned to the Company in any Lease to greater than that shown for such Lease in Exhibit C-1 and D-1.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates to (a) increase the Net Revenue Interest being assigned to Buyer in any Lease or Well above that shown for such Lease or Well in Exhibit A and Exhibit B, to the extent the same does not cause a greater than proportionate increase in the Working Interest being assigned to Buyer therein above that shown in Exhibit A and Exhibit B, or (b) increase the Net Acres being assigned to Buyer in any Lease to greater than that shown therefor in Exhibit A.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates (i) to increase the Net Revenue Interest of Seller in any Lease, Well or Unit above that shown in Exhibit A or Exhibit B, respectively, to the extent the same does not cause a greater than proportionate increase in Seller’s Working Interest therein above that shown in Exhibit A or Exhibit B, respectively, (ii) to decrease the Working Interest of Seller in any Lease, Well or Unit below that shown in Exhibit A or Exhibit B, respectively, to the extent such decrease in Seller’s Working Interest is proportionately greater than the decrease in Seller’s Net Revenue Interest therein below that shown in Exhibit A or Exhibit B, respectively, or (iii) increase the Net Acres of Seller covered by the Lease above that shown in Exhibit A.
Title Benefit. The term “Title Benefit” with respect to a Lease means such title of Sellers (which may be held of record in the name of Sellers or in the name of one of Sellers’ lease brokers or agents so long as such lease brokers or agents assign the Leases held by them to Sellers at or prior to Closing) in and to the Lease that results in (i) Sellers owning greater than the number of Net Acres for the Lease set forth in Exhibit A (an “Acreage Increase”); or (ii) Sellers owning greater than the Represented NRI with respect to such Lease (an “NRI Increase”). On or before the Defect Notice Date, each of Buyer and Sellers shall notify the other Party in writing of any Title Benefit discovered on or before such date. Sellers shall be entitled to an upward adjustment to the Purchase Price with respect to each such Title Benefit equal to (a) in the case of an Acreage Increase, the amount by which Sellers’ actual Net Acres with respect to the affected Lease exceeds the Net Acres attributed to such Lease in Exhibit A, multiplied by the Per Acre Price for such Lease; and (b) in the case of an NRI Increase, an amount equal to the difference between the Per Acre Price based on the Represented NRI for such Lease and the Per Acre Price based on the actual NRI for such Lease; multiplied by the Net Acres for the Lease, as set forth in Exhibit A.
Title Benefit. As used in this Agreement, the term “Title Benefit” shall mean any right, circumstance or condition that operates (i) to increase the Net Revenue Interest of Seller in any Lease or Well above that shown in Exhibit A, to the extent the same does not cause a greater than proportionate increase in Seller’s Working Interest therein above that shown in Exhibit A, or (ii) to decrease the Working Interest of Seller in any Lease or Well below that shown in Exhibit A, to the extent the same causes a decrease in Seller’s Working Interest that is proportionately greater than the decrease in Seller’s Net Revenue Interest therein below that shown in Exhibit A.
Title Benefit. If during the Title Examination Period Seller determines that the Actual Acres covered by a lease exceed the Intended Acres (a “Title Benefit”) with respect to a lease assigned by Seller to Buyer, Seller shall notify Buyer in writing prior to the expiration of the Title Examination Period. Within thirty (30) days following notification of the Title Benefit, Buyer shall pay Seller an amount equal to the amount by which Actual Acres exceed Intended Acres, multiplied by the purchase price per acre paid by Buyer for the affected lease.
Title Benefit. Seller has the right, but not the obligation, to notify Buyer in the Examination Period of any Title Benefit discovered by Seller, such notice which must include:
(a) a description of the Title Benefit;
(b) the Lease or Well affected;
(c) the Allocated Value of the Lease or Well subject to such Title Benefit;
(d) supporting documents reasonably necessary for Buyer to verify the existence of the alleged Title Benefit; and
(e) the amount by which Seller reasonably believes the Allocated Value of each such Lease or Well is increased by such Title Benefit, and the computations upon which Seller’s belief is based. With respect to each Lease or Well affected by a Title Benefit, an amount (the “Title Benefit Amount”) equal to the increase in the Allocated Value for such Lease or Well caused by such Title Benefit will be exclusively used to offset and reduce Title Defect Amounts hereunder. Seller will be deemed to have waived all Title Benefits of which it has not given notice to Buyer in the Examination Period or promptly following Seller’s receipt of the last Defect Notice.
Title Benefit. (a) Contributor has the right, but not the obligation, to notify Corporation during the Examination Period of any Title Benefit discovered by Contributor, such Notice which must include:
(i) a reasonably detailed description of the Title Benefit;
(ii) the Property affected;
(iii) the Allocated Value of the Property subject to such Title Benefit;
(iv) any supporting documents in Contributor’s possession or control that are reasonably necessary for Corporation (as well as any experienced title attorney or examiner hired by Corporation) to verify the existence of the alleged Title Benefit asserted in such Notice and the estimated Title Benefit Amount thereof; and
(v) the amount by which Contributor believes the Allocated Value of the Property is increased by such Title Benefit, and the computations and information upon which Contributor’s belief is based.
(b) Corporation shall have the obligation to notify Contributor of any Title Benefit that is within Corporation’s Knowledge during the Examination Period, such Notice which must include:
(i) a reasonably detailed description of the Title Benefit;
(ii) the Property affected; and
(iii) the Allocated Value of the Property subject to such Title Benefit.
(c) With respect to each Property affected by a Title Benefit, an amount (the “Title Benefit Amount”) will be determined as follows in Clauses (i) through (iii) and will only be used to offset and reduce the aggregate of any Title Defect Amounts hereunder as provided in Section 10.1(a), and will not otherwise result in an upward adjustment of the Consideration. Contributor shall not have any right to any Title Benefit that is asserted (1) after the Examination Period or (2) except as provided in Section 10.1(a), during the Examination Period.
(i) if the Parties agree on the Title Benefit Amount, the amount so agreed by the Parties will be the Title Benefit Amount;
(ii) if the Title Benefit represents only a discrepancy whereby:
(A) the Net Revenue Interest for such Lease is greater than the Net Revenue Interest stated in Exhibit A-1 but for which there is a proportionate increase in the Working Interest in respect of such Lease, then such Title Defect Amount will be:
(1) the Allocated Value of such Lease; multiplied by
(2) a fraction, the numerator of which is the Net Revenue Interest increase and the denominator of which is the Net Revenue Interest for such Lease stated in Exhibit A-1; provided, however, that Section 8.8(c)(iii) shall apply in lieu of this Secti...
Title Benefit. If Seller determines that (a) the ownership of any Well entitles Seller to a larger NRI or reduces royalty and other burdens on production with respect to such Well so that the Seller’s ownership in the Well is greater than that set forth on Exhibit B; or (b) the ownership of any Lease entitles Seller to a greater number of Net Mineral Acres than that set forth on Exhibit A; (a “Title Benefit”), then Seller shall notify Buyer of such Title Benefit in writing on or before the Title Defect Date, describing in such notice the same items which are provided in a Notice of Title Defects pursuant to Section 5.2. The amount of each Title Benefit shall be determined in the same manner as provided in Section 5.1(e) and 5.1(f), as applicable, with respect to Title Defect Values. The aggregate amount of the Title Benefits will only be used to reduce the aggregate amount of the Title Defect Values and the Title Defect Adjustment.
